154


 RENT ADJUSTMENT FACTOR

The rental shall be adjusted, upwards or downwards, by the following adjustment
factors for every one hundredth of one per cent (0.01%) change, upwards or
downwards, in the Assumed LIBOR Rate of 1.25% for the applicable 6-month period.
(Values in US$):

 N FACTOR\*
 SIX MONTH PERIODS ---------
(COMMENCING ON DELIVERY DATE) (US$)
----------------------------
 Period 1 \*\*Material Redacted\*\*

 Period 2 \*\*Material Redacted\*\*

 Period 3 \*\*Material Redacted\*\*

 Period 4 \*\*Material Redacted\*\*

 Period 5 \*\*Material Redacted\*\*

 Period 6 \*\*Material Redacted\*\*

 Period 7 \*\*Material Redacted\*\*

 Period 8 \*\*Material Redacted\*\*

 Period 9 \*\*Material Redacted\*\*

 Period 10 \*\*Material Redacted\*\*

 Period 11 \*\*Material Redacted\*\*

 Period 12 \*\*Material Redacted\*\*

 Period 13 \*\*Material Redacted\*\*

 Period 14 \*\*Material Redacted\*\*

 Period 15 \*\*Material Redacted\*\*

\* Adjustment Factors to be adjusted in accordance with the Price Escalation
 Adjustment from July 2004 until the Delivery Date. The formula for the
 calculation of the Price Escalation Adjustment is set out in Schedule 7.

 155


 PRICE ESCALATION ADJUSTMENTS

The Escalation Adjustment for the Aircraft will be determined by the following
formula: